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Note 13 - Earnings Per Share

6 Months Ended

Jul. 02, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

13. EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share:

		For the thirteen weeks ended								For the twenty-six weeks ended
		July 2, 2023				July 3, 2022				July 2, 2023				July 3, 2022
Numerator:
Net income		$	12,979			$	40,563			$	17,226			$	57,421
Less: fair value adjustment for Warrants			—				—				—				(20,941	)
Net income (loss) - diluted		$	12,979			$	40,563			$	17,226			$	36,480
Denominator:
Weighted average common shares outstanding - basic			117,221,419				116,931,623				117,187,287				116,398,177
Dilutive effect of potential common shares from RSUs			647,503				182,930				369,370				177,642
Dilutive effect of potential common shares from Warrants			—				—				—				768,156
Weighted average common shares outstanding - diluted			117,868,922				117,114,553				117,556,657				117,343,975
Earnings per share:
Basic		$	0.11			$	0.35			$	0.15			$	0.49
Diluted		$	0.11			$	0.35			$	0.15			$	0.31

The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share. 

		For the thirteen weeks ended								For the twenty-six weeks ended
		July 2, 2023				July 3, 2022				July 2, 2023				July 3, 2022
Anti-dilutive shares excluded from calculation of diluted EPS:
Warrants			14,633,311				14,633,311				14,633,311				—
Stock options			922,228				1,960,708				922,228				1,960,708
Restricted stock units			1,224,507				220,051				1,224,507				220,051
Performance stock units			2,469,412				—				2,469,412				—
Unvested Earn-out Shares			1,093,750				1,093,750				1,093,750				1,093,750
Total anti-dilutive shares			20,343,208				17,907,820				20,343,208				3,274,509

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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